MONETT, Mo. – Jack Henry & Associates reported yesterday that revenues and net income declined for its fiscal third quarter, ended March 31.
The provider of back-office services to credit unions and banks, said revenues fell 4% in the period, while net income declined by 7%, compared to the third quarter last year.
For the first nine months of the fiscal year, revenues were almost flat, while net income fell by 5%.
"We continued to see significant headwinds during the quarter on discretionary spending related to hardware and license fees," said Jack Prim, president of the company, in a statement. "The cost controls that we implemented at the end of the 4th quarter with the full participation of our employee base helped buffer these shortfalls to some extent and allowed us to maintain strong gross and operating margins."
"While the near term economic outlook remains cloudy we will continue to manage the business in what we believe to be the best long term interests of stockholders, customers and employees," said Prim.
